Amazon (AMZN) Stock Jumps 3% as Wall Street Doubles Down With $300 Targets

TLDR

• TD Cowen reiterated a Buy rating and $300 price target on Amazon, naming it a preferred large-cap pick.
• Barclays also reiterated an Overweight rating and $300 price target, citing AI-driven AWS growth.
• Amazon stock rose roughly 2.8% in pre-market trading on Monday, March 23, 2026.
• The OpenAI deal brings total AWS committed spend to $138 billion over seven to eight years, per Barclays.
• Anthropic saw a 35% rise in annual recurring revenue in just weeks during Q1 2026, boosted by Claude Code and Cowork.

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Amazon is getting some love on Wall Street this Monday morning, and the stock is responding.

AMZN jumped roughly 2.8% in pre-market trading on March 23, 2026, after two separate analyst notes landed backing the e-commerce and cloud giant.

Amazon.com, Inc., AMZN

TD Cowen analyst John Blackledge reiterated his Buy rating and kept his $300 price target in place. He named Amazon a top large-cap pick heading into the next year.

Barclays followed with its own Overweight reiteration and the same $300 target, pointing to a string of AI-related tailwinds building behind AWS.

With AMZN trading near $205 at the time of writing, both price targets imply roughly 46% upside from current levels.

AWS Expected to Reaccelerate

Barclays took a more specific angle. The bank highlighted Amazon’s deal with OpenAI, which it says brings total committed AWS spend to $138 billion over seven to eight years.

Barclays expects the AWS backlog to move above $350 billion in the next quarter as that deal gets reflected in the numbers.

The bank also raised its 2027 AWS revenue estimate by 5% and now expects AWS revenue growth to hit 34% in Q3 2026 before it starts to moderate.

Anthropic is adding fuel to that story too. The AI startup saw its annual recurring revenue jump 35% in a matter of weeks in Q1 2026, driven by Claude Code and Cowork products.

Advertising and Retail Add to the Case

TD Cowen also flagged Amazon’s advertising business as a key profit driver. The firm expects ad revenue to grow at a “high teens” pace year over year in 2026, powered by sponsored products, demand-side platform growth, and an expanding Prime Video ad business.

Amazon’s retail segment is also improving structurally. The firm pointed to record delivery speeds, same-day expansion into perishables, and investment in rural markets as drivers of margin improvement.

TD Cowen estimates Amazon’s 2026 operating income will reach roughly $104 billion.

CEO Andy Jassy recently said the company has line of sight to $600 billion in revenue by 2036. That would imply an 11% compound annual growth rate from Barclays’ 2028 base, and the bank noted that forecast may prove conservative.

Amazon’s current market cap sits at around $2.2 trillion. Revenue grew 12.4% over the last twelve months.

Amazon recently completed a €14.47 billion euro-denominated bond sale, with maturities ranging from 2028 to 2064.

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